S&P: Genworth Financial negative

Standard & Poor's said it revised its outlook on Genworth Financial Mortgage Insurance Pty Ltd. (Genworth Australia) and Genworth Financial Mortgage Insurance Pty Ltd. (Genworth New Zealand) to negative.

At the same time, the agency said it affirmed the AA- financial strength and issuer credit ratings on Genworth Australia and AA- financial strength rating on Genworth New Zealand.

S&P said it also affirmed the A- financial strength and issuer credit ratings on Genworth Financial Mortgage Indemnity Ltd., the New Zealand Branch, (Genworth Indemnity) with a stable outlook.

The agency said the lowering of the ratings on U.S.-based Genworth Group's core life insurance companies has triggered a review of the ratings on Genworth Australia.

"The outlook revision reflects our opinion that ongoing stress at the group's holding company level has heightened the importance of contributions from the group's subsidiaries, including Genworth Australia," said S&P credit analyst Lucy Huynh in a news release.

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